Concept of Virtual Chief Finance Officer (VCFO): To assist small and medium sized organizations to get the benefit of having highly qualified and experienced Chartered Accountants as VCFO at a fraction of cost that they would have incurred to have a full time CFOs.

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From 1st April 100% tax returns will be scrutinise and tax evasion will be history in India. Imagine a Tax tracker software which cost government more than Rs 1000 Crore and several years of building it, just to track expenses of all assesssee based on big data and...

FAQs related to UDIN for GST & Tax Audit by UDIN Monitoring Group of ICAI 1. UDIN is mandatory on which types of Reports with effect from 1st April, 2019? As directed by the 379 ICAI Council Meeting held on 17 and 18 December, 2018 UDIN is mandatory for all Tax...

Below are the key points in relation to Goods and Services Tax (‘GST’) in view of the end of Financial Year 2018-19 and finalization of accounts Turnover of previous financial year to be reported in Form GSTR-1 return for April 2019 ⭕Turnover for the Financial Year...

Taxability of Ocean Freight on import under GST Regime Applicability of Ocean freight charges and System of double taxation with respect to imports made in CIF terms (Cost, Insurance & Freight) and in terms of FOB (free on board). Introduction: Evolution of Indian...

A registered person will be eligible to claim Input Tax Credit (ITC) on the fulfilment of the following conditions: Possession of a tax invoice or debit note or document evidencing paymentReceipt of goods and/or servicesGoods delivered by supplier to other person on...

What are some of the mistakes of Indians that are destroying their financial lives? Not able to crack the credit card mystery: Are you paying the minimum amout due on your credit card payment? If yes, you are trapped in credit card mystery. On the other side, very few...

Benefits of Udyog Aadhaar are as follows:- Helps to get Current Account in BanksProtection against delay in payment.Fast resolution of disputesCollateral Free loans from bankExclusive consideration for participating in international trade fairWaiver of Stamp duty and...

GSTN proposes new return filing system 1. Proposes quarterly return filing till turnover of RS 5 crore in preceding financial year Periodicity of filing return will be deemed to be monthly for all taxpayers unless quarterly filing of the return is opted for.For newly...

SEBI TO EASE NORMS FOR INVESTORS WILLING TO INVEST IN STARTUPS –THE ECONOMIC TIMES The investor having a demat account will make an application to the stock exchanges or depositories to be recognised as an 'accredited investor (AI)'. To provide a boost for startups...

Upcoming MCA compliance E-form – INC-22A (Active Company Tagging Identities and Verification) • Applicability & Purpose: Every company incorporated on or before 31st of December, 2017 for filing particulars of the company and registered office with MCA • Due Date:...

Tax warning: Income Tax Department warns people not to do these transactions Following are the 5 transactions that the Income Tax Department doesn’t want you to do: Don’t accept cash of Rs 2, 00,000 or more in aggregate from a single person in a day or for one or more...

GST Portal With New Eight Features* ? TDS/TCS Credit available for utilisation. ☘ A new window has been enabled for claiming TDS/TCS credits. The taxpayer has the option of accepting or rejecting the TDS/TCS credits available and filing their return, after which the...

As per the recent MCA Notification dated 21-02-2019, Every Company Incorporated before 31-12-2017 has to file a return called “Active Company Tagging Identities and Verification” on or before 25-04-2019. Brief Details of the data to be provided are as follows (Name of...

Some Salient Features which I could notice from “The Banning Of Unregulated Deposit Schemes Ordinance, 2018 “promulgated on 21/02/2019… (1) It extends to the whole of India except J& K..It shall be regulated by the concerning State Governments/ UTs.. (2) It shall...

Concluding for today council meeting:GST The GST Council has deferred a decision on tax rates on real estate and lottery till Sunday, and extended the deadline for businesses to file sales returns for January till Friday. Briefing reporters after a meeting of the GST...

Fraudulent practices in Housing Projects: GST Payment of GST in cash by top builders is as low as 0.4 per cent, according to an analysis carried out by tax authorities. It was also learnt that many builders may be using fake invoices to get higher input tax credit...

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Intellex was set up by Sudheendra Kuamr, a Chartered Accountant with more than 25 years of experience in top notch Indian and Global Companies in areas like Investment Banking, Financial Services, Accounting, Auditing, Taxation and Statutary Compaliances etc. Our organisation was set up in 2002 based in Mumbai.